HSBC worked with Biz2Credit, a U.S. financial technology firm, to build the product. A key feature is its “auto decision” capability, which allows business owners to receive a decision on their application almost immediately.HSBC pledges “fast online funding" – in other words, a user-friendly online application followed by a quick decision by the bank. To be eligible, businesses must operate in Canada and have an annual gross revenue below $5-million. This includes startups, Mr.
The automated decision is based, in part, on the company’s cash flow. “We focus on cash-flow lending,” says Mr. Robertson. “We do that by looking at recent bank statements.” If approved, a business owner must sign credit documents in a bank branch. After papers are signed, the new line of credit is available in two business days.
Mr. Zakharia says the application process was straightforward, and included the bank asking for two years of accountant-prepared financial statements and nine months of bank statements.Mr. Robertson says the interest rate on the line of credit varies and HSBC does not publish its rates. HSBC says the average rate is 7.45 per cent . Mr. Robertson says the rates are “tailored to match the risk profile of the business applying.
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Fonte: globeandmail - 🏆 5. / 92 Leggi di più »